Investment Rating - The report maintains a "Recommended" rating for the company [1][3] Core Views - The company has seen a recovery in order growth, leading to improved revenue and a reduction in losses [1][3] - The core business has accelerated order signing, with a more than 40% increase in small molecule CDMO orders since Q1 2024, contributing to a revenue of 7.73 billion yuan in Q3, a 10.73% increase year-on-year [3][4] - The gross margin for Q3 improved to 31.09%, continuing a trend of quarterly improvement, driven by higher-value projects and better cost distribution [3][4] - The company is expected to return to profitability by 2025, supported by industry environment improvements and recovery in profitability [3][4] Financial Summary - Q3 revenue reached 7.73 billion yuan, up 10.73% year-on-year, while the net profit attributable to the parent company was -0.36 billion yuan, a decrease of 187.72% [3][4] - The gross margin for Q3 was 31.09%, up from 15.84% in Q1 and 21.81% in Q2 [3][4] - The company adjusted its profit forecasts for 2024-2026 to -2.22 billion yuan, 1.34 billion yuan, and 4.10 billion yuan respectively [3][4] - The projected revenue for 2024 is 3.046 billion yuan, with a year-on-year decline of 16.9%, followed by a recovery in 2025 and 2026 [4][7]

Revenue and Profit - Q3 revenue reached 773.16 million yuan, a year-on-year increase of 10.73%[2] - Net profit attributable to shareholders was -36.39 million yuan, a year-on-year decrease of 187.72%[2] - Revenue for the first nine months of 2024 was RMB 2.125 billion, a decrease of approximately 30% year-over-year, but a 6% increase after excluding the impact of large orders[13] - Q3 2024 revenue was RMB 773 million, an 11% year-over-year increase, and a 29% increase after excluding the impact of large orders[13] - Small molecule API CDMO business revenue for the first nine months of 2024 was RMB 1.968 billion, a 33% decrease year-over-year, but a 3% increase after excluding large orders[13] - Small molecule drug product CDMO business revenue for the first nine months of 2024 was RMB 101 million, a 65% year-over-year increase[13] - Gene and cell therapy CDMO business revenue for the first nine months of 2024 was RMB 40.02 million, a 27% year-over-year increase[13] - Overseas customer revenue for the first nine months of 2024 was RMB 1.548 billion, a 37% decrease year-over-year, but a 10% increase after excluding large orders[13] - Domestic market revenue for the first nine months of 2024 was RMB 578 million, a 2% decrease year-over-year[13] - Gross margin for the first nine months of 2024 was approximately 23%, with overseas market gross margin at 35% and domestic market gross margin at -8%[13] - Net profit attributable to shareholders for the first nine months of 2024 was RMB -206 million, a significant year-over-year decline[13] - Total operating income decreased from 3.037 billion to 2.125 billion, a decline of 30.02%[18] - Net profit turned from a profit of 362.44 million to a loss of 266.86 million[18] - Net profit attributable to parent company shareholders was -206.43 million yuan, compared to 451.86 million yuan in the same period last year[19] - Comprehensive income attributable to parent company shareholders was -211.65 million yuan, compared to 446.32 million yuan in the same period last year[19] - Basic earnings per share were -0.38 yuan, compared to 0.83 yuan in the same period last year[19] Assets and Liabilities - Total assets decreased by 4.93% to 8.92 billion yuan compared to the end of the previous year[2] - Total assets decreased from 9.384 billion to 8.922 billion, a decline of 4.92%[16] - Total liabilities decreased from 3.284 billion to 3.369 billion, an increase of 2.58%[16] - Total equity decreased from 6.100 billion to 5.553 billion, a decline of 8.97%[17] Cash Flow - Operating cash flow for the first nine months was 243.37 million yuan, a year-on-year decrease of 74.07%[2] - Cash flow from operating activities was 243.37 million yuan, a decrease from 938.41 million yuan in the same period last year[20] - Cash flow from investing activities was -429.35 million yuan, compared to -890.12 million yuan in the same period last year[21] - Cash flow from financing activities was -380.14 million yuan, compared to -477.02 million yuan in the same period last year[21] - Net cash received from sales of goods and services was 2.07 billion yuan, a decrease from 3.88 billion yuan in the same period last year[20] - Cash paid for employee compensation was 894.30 million yuan, a decrease from 1.18 billion yuan in the same period last year[21] - Cash paid for taxes was 90.63 million yuan, a decrease from 232.97 million yuan in the same period last year[21] - Net increase in cash and cash equivalents was -569.54 million yuan, compared to -409.47 million yuan in the same period last year[21] Expenses and Costs - R&D expenses decreased by 37.34% to 266.46 million yuan compared to the same period last year[6] - Financial expenses increased by 281.20% to 40.96 million yuan due to reduced interest income and increased borrowing costs[6] - Income tax expenses decreased by 144.40% to -31.31 million yuan due to reduced profitability[6] - Total operating costs decreased from 2.627 billion to 2.401 billion, a decline of 8.60%[18] - R&D expenses decreased from 425.22 million to 266.46 million, a decline of 37.34%[18] - Sales expenses increased from 107.47 million to 112.96 million, an increase of 5.11%[18] - Management expenses decreased from 437.65 million to 331.79 million, a decline of 24.19%[18] - Financial expenses increased from -22.60 million to 40.96 million[18] Accounts Receivable and Prepaid Expenses - Accounts receivable financing increased by 136.20% to 14.34 million yuan due to an increase in bank acceptance bills[4] - Prepaid expenses increased by 39.01% to 64.92 million yuan due to higher prepayments for materials[4] - Contract liabilities increased by 44.91% to 83.32 million yuan due to higher advance payments from customers[4] Sales and Tax Refunds - Sales revenue from goods and services decreased by 46.70% to 2,070,137,497.35 yuan compared to the same period last year[7] - Tax refunds received decreased by 28.57% to 124,371,555.76 yuan due to reduced export tax refunds[7] - Cash received from other operating activities decreased by 62.49% to 149,274,510.55 yuan due to reduced recovery of other receivables[7] - Cash paid for goods and services decreased by 48.60% to 943,060,833.65 yuan due to reduced payments for procurement[7] - Cash paid for taxes decreased by 61.10% to 90,633,429.60 yuan due to reduced tax payments[7] - Cash paid for other operating activities decreased by 36.88% to 172,427,619.62 yuan due to reduced operating expenses[7] - Cash paid for construction of fixed assets and intangible assets decreased by 54.19% to 414,943,956.26 yuan due to reduced investments[7] - Cash received from borrowings decreased by 72.63% to 171,978,876.46 yuan due to reduced new bank loans[7] - Cash paid for debt repayment decreased by 62.53% to 156,456,966.74 yuan due to reduced bank loan repayments[8] - Cash paid for dividends and interest decreased by 49.86% to 309,720,426.98 yuan due to reduced dividend distributions[8] Guidance and Future Outlook - The company maintains its full-year revenue growth guidance (excluding large orders) based on the delivery schedule of existing orders[13]

股票代码：300363 股票简称：博腾股份 公告编号：2024-057 号 重庆博腾制药科技股份有限公司 第五届董事会第二十八次临时会议决议公告 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 2、审议通过《关于审计委员会 2024 年第 3 季度工作总结暨第 4 季度工作 计划的议案》； 表决结果： 8 票同意， 0 票反对， 0 票弃权 3、审议通过《关于全资子公司向银行申请综合授信暨公司提供连带责任担 保的议案》。 同意全资子公司上海飞腾医药科技有限公司向招商银行股份有限公司上海 闵行支行申请不超人民币 5,000 万元的综合授信额度，并由公司提供连带责任担 保，担保总额度不超过人民币 5,500 万元；同意全资子公司上海博腾智汇生物制 药有限公司向招商银行股份有限公司上海自贸区支行申请不超过人民币 3,000 万 元的综合授信额度，并由公司提供连带责任担保，担保总额度不超过人民币 3,100 万元。 重庆博腾制药科技股份有限公司（以下简称"公司"）第五届董事会第二十 八次临时会议于 2024 年 10 月 24 日（星期四）以通讯会议方式召开，会议通知 ...

股票代码：300363 股票简称：博腾股份 公告编号：2024-059 号 重庆博腾制药科技股份有限公司 关于为全资子公司向银行申请综合授信提供担保的公告 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 1、被担保人一 企业名称：上海飞腾医药科技有限公司 法定代表人：陈晖 企业住所：上海市闵行区北斗路 188 号 1 幢 成立时间：2008 年 10 月 15 日 注册资本：6,200 万元人民币 一、贷款及担保情况概述 为满足重庆博腾制药科技股份有限公司（以下简称"公司"）全资子公司上 海飞腾医药科技有限公司（以下简称"上海飞腾"）日常运营发展及资金规划需 要，上海飞腾拟向招商银行股份有限公司上海闵行支行（以下简称"闵招行"） 申请综合授信额度不超过人民币 5,000 万元，授信品种包括流动资金贷款、银行 承兑汇票、国内保函、国内信用证等，授信期限 36 个月，担保方式为公司提供 连带责任担保，担保总额度不超过人民币 5,500 万元（包含贷款本金及相关债权 利息费用）。 为支持公司全资三级子公司上海博腾智汇生物制药有限公司（以下简称"博 腾智汇"）日常运营发 ...

股票代码：300363 股票简称：博腾股份 公告编号：2024-060 号 重庆博腾制药科技股份有限公司 第五届监事会第二十次临时会议决议公告 经与会监事认真审议，以投票表决方式通过以下议案： 1、审议通过《关于 2024 年第三季度报告的议案》。 具体内容详见公司同日于巨潮资讯网（www.cninfo.com.cn）发布的《2024 年 第三季度报告》（公告编号：2024-058 号）。 公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 经审核，监事会认为：董事会编制和审核公司 2024 年第三季度报告的程序 符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了 公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 重庆博腾制药科技股份有限公司（以下简称"公司"）第五届监事会第二十 次临时会议于 2024 年 10 月 24 日（星期四）以通讯会议方式召开，会议通知已 于 2024 年 10 月 17 日通过电子邮件方式送达各位监事。本次会议应参与表决监 事人数 3 人，实际参与表决监事人数 3 人。本次会议由监事会主席谭永庆先生主 持 ...

股票代码：300363 股票简称：博腾股份 公告编号：2024-056 号 重庆博腾制药科技股份有限公司 关于全资子公司完成工商变更登记的公告 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 重庆博腾制药科技股份有限公司（以下简称"公司"）于 2024 年 8 月 26 日 召开第五届董事会第二十七次会议，审议通过《关于公司向全资子公司增资的议 案》，为优化全资子公司上海博腾智拓医药科技有限公司（以下简称"博腾智拓"） 的资产负债结构，增强其融资能力和资金实力，满足业务拓展及生产经营的资金 需求，同意公司以自有资金向博腾智拓增资 2.5 亿元，本次增资完成后，博腾智 拓的注册资本将由人民币 23,508.63 万元增加至人民币 48,508.63 万元。具体内容 请见公司 2024 年 8 月 28 日在巨潮资讯网（www.cninfo.com.cn）发布的《第五届 董事会第二十七次会议决议公告》（公告编号：2024-046 号）。 近日，公司收到博腾智拓的通知，其已完成上述增资事项相关工商变更登记 手续，并取得上海市奉贤区市场监督管理局核发的《营业执照》。 变 ...

股票代码：300363 股票简称：博腾股份 公告编号：2024-055 号 重庆博腾制药科技股份有限公司 关于全资子公司完成工商变更登记的公告 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 重庆博腾制药科技股份有限公司（以下简称"公司"）于 2024 年 8 月 26 日 召开第五届董事会第二十七次会议，审议通过《关于公司向全资子公司增资的议 案》，为优化全资子公司重庆博腾药业有限公司（以下简称"博腾药业"）的资产 负债结构，增强其融资能力和资金实力，满足业务拓展及生产经营的资金需求， 同意公司以自有资金向博腾药业增资 3 亿元，本次增资完成后，博腾药业的注册 资本将由人民币 18,000 万元增加至人民币 48,000 万元。具体内容请见公司 2024 年 8 月 28 日在巨潮资讯网（www.cninfo.com.cn）发布的《第五届董事会第二十 七次会议决议公告》（公告编号：2024-046 号）。 近日，公司收到博腾药业的通知，其已完成上述增资事项相关工商变更登记 手续，并取得重庆两江新区市场监督管理局核发的《营业执照》。 类型：有限责任公司（自然人投 ...

股票代码：300363 股票简称：博腾股份 公告编号：2024-054 号 重庆博腾制药科技股份有限公司 关于实际控制人部分股份质押及解除质押的公告 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 重庆博腾制药科技股份有限公司（以下简称"公司"）于近日接到公司控股 股东、实际控制人之居年丰先生、张和兵先生（居年丰、陶荣、张和兵三人为一 致行动人）函告，居年丰先生、张和兵先生将其持有的公司部分股份分别办理质 押、解除质押等业务。具体情况如下： 一、股东股份质押及解除质押基本情况 | | 是否为控股 | 本次质 | 占其所 | 占公司 | 是否为限 售股（如 | 是否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名 | 股东或第一 | 押数量 | 持股份 | 总股本 | 是，注明 | 为补 | 质押起始 | 质押到期 | 质权人 | 质押用途 | | 称 | 大股东及其 | （万 | 比例 | 比例 | 限售类 | 充质 | 日 | 日 | | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a narrowing loss in Q2, with a steady growth in backlog orders. The revenue for H1 2024 was 1.352 billion yuan, a year-on-year decline of 42.19%. Excluding significant orders, the revenue decline was approximately 4% [5][6] - The net profit attributable to the parent company for H1 2024 was -170 million yuan, with a non-recurring net profit of -174 million yuan. In Q2 alone, the company achieved a revenue of 674 million yuan, a year-on-year decline of 29.82% and a quarter-on-quarter decline of 0.49% [5] - The company’s performance was under pressure due to several factors, including the delivery of large orders, insufficient capacity utilization, and increased depreciation from new capacity investments. Emerging businesses such as formulations, ADC, and CGT CDMO are still in the early stages, collectively impacting the net profit by approximately -108 million yuan [5][6] Financial Summary - For H1 2024, the small molecule API CDMO business generated revenue of 1.251 billion yuan, a year-on-year decline of about 45%. However, the backlog of unfulfilled orders in this segment increased by approximately 40% year-on-year, with 533 signed projects, a 14% increase [6] - The new business capabilities are progressing, with the formulation and CGT businesses achieving revenues of 65.56 million yuan and 19.04 million yuan, respectively. The new signed order amount for formulations was approximately 113 million yuan, a 40% year-on-year increase [7] - The company maintains its profit forecast, expecting net profits attributable to the parent company to be -95 million yuan, 111 million yuan, and 288 million yuan for 2024, 2025, and 2026, respectively. The current stock price corresponds to a PE ratio of 58.7 and 22.6 times for 2025 and 2026 [5][8]

博腾股份投资者关系活动记录表 | --- | --- | --- | |-----------------------|-------------------------------------------------|--------------------------------------------------------------| | 投资者关系活动类 \n别 | □媒体采访 \n□新闻发布会 □路演活动 \n□现场参观 | □特定对象调研 □分析师会议 \n□业绩说明会 \n■电话通讯 | | | □其他 | | | | | 长江证券、国盛证券、华西证券、申万宏源证券、平安证券、信 | | | | 达证券、兴业证券、中泰证券、中金公司、民生证券、财通证 | | | | 券、光大证券、西部证券、西南证券、国泰君安证券、招商证 | | | | 券、浙商证券、开源证券、太平洋证券、财信证券、华安证券、 | | | | 中信证券、国都证券、华泰证券、第一创业证券、海通证券、中 | | | | 邮证券、建银国际证券、招银国际、野村东方国际证券有限公 | | | | 司、博时基金、嘉实基金、天弘基金、中邮 ...